A lot of last year’s losers are this year’s winners, and vice versa, as investors stay in equities but have rotated aggressively. Much of this is not driven by earnings outlooks (at least for...

The US has had stronger earnings growth than much of the rest of the world, but it has been unable to outperform this year due to the narrowing of its valuation premium. This likely...

The Tech-related space remains the focus in the US, and we have recently noted a growing divergence between the Technology sector and its cousin Communication Services in the S&P 500: Tech remains strong while...

The Fed has made clear that it is struggling to balance the two parts of its dual mandate: inflation and employment, and now faces a third concern of political pressure. It is leaning toward...

Every week seems to bring a new twist in the bizarre and unnecessary trade war started by the Trump administration, which is hurting many companies and consumers but is thus far having little impact...

Despite a recent respite, our indicators tell us that market volatility is likely to stay elevated for a while longer, with important implications for asset allocation and stock selection. Significant damage is being done...